Let's Talk Bitcoin, episode 06, "Cyprus and Serendipity"

8/13/2019 Let's Talk Bitcoin, episode 06, "Cyprus and Serendipity"

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Let’s Talk Bitcoin! - Episode 06: Cyprus & Serendipity

Participants: Ada B Le"ine #ABL$ - %ost

Andreas Antonopoulos #AA$ - Co-%ostStep'anie ( urp'y #S($ - Co-%ostic'ael %ill #%$ - )uest Bitcoin Cyprus Pro*ect Se+ent starts at ,:.,/erey Tucker #/T$ - )uest Laisse1 2aire Books Se+ent starts at 33:00

ABL: %i4 and 5elcoe to Let’s Talk Bitcoin4 a s'o5 or anyone interested incryptocurrencies and t'e uture o oney

Coin+ up on today’s s'o5:

78e 'a"e t'e San 2rancisco 2or9es eetup report7T'ere’s al5ays oney in t'e 9anana stand4 also teeny-tiny ASC iners4 are you a 9uyer;7 c'eck in 5it' ic'ael %all on 9itcoins and t'e Cypriot calaity7akin+ 'istory 8e talk Satos'i s<uare and t'e cae eetup ori+ins o odern stockarkets7Bad stu on t'e 9lockc'ain 8e separate act ro iction and 'opeully lay t'e issue torest7And inally4 an e=tra-lon+ inter"ie5 5it' /erey Tucker o Laisse1 2aire Books4 on t'eSerendipity o Bitcoin and 'is *ourney ro skeptic to ent'usiast

Lookin+ to educate yoursel on t'e uture o oney; C'eck out LetsTalkBitcoinco>learnor your connection to t'e Bitcoin Education Pro*ect y nae is Ada B Le"ine a a5riter and speaker 5'o likes to e=plain coplicated topics in understanda9le ters T'at’sreally 5'at 5e are doin+ 'ere4 takin+ t'e coplicated topic o crypto+rap'ically securedoney and 'elpin+ people see 5'at it can do in t'eir o5n li"es /oinin+ e in our on+oin+<uest or clarity are: Andreas Antonopoulos4 an e=pert in decentrali1ed net5orks andsecure systes4

AA: %i.

ABL: - and ?r Step'anie urp'y4 a scientist and syndicated radio 'ost

S(: %ello.

ABL: T'anks or *oinin+ e a+ain on anot'er episode o Let’s Talk Bitcoin



AA: 8it' all o t'is talk o tec'nolo+y4 its soeties easy to +et cau+'t up in it and or+eta9out all t'e people 9e'ind all t'e tec'nolo+y4 and really or+et a9out 5'at 5onderulpeople t'ese are @esterday4 5ent to a San 2rancisco eetup or+ani1ed 9y a 2or9escontri9utor4 as'ir %ill4 5'o is doin+ an e=perient to li"e on Bitcoin or a 5eek4 and t'is5as 'er +rand inale S'e in"ited e"eryone to Sake one4 5'ic' is a local sus'i and sake9ar in San 2rancisco4 ne=t to t'e nternet Arc'i"e - <uite a nice coincidence4 or a +reatarran+eent - and s'e in"ited people to dinner t'ou+'t ay9e 9uy our or i"e peopledinner4 and set up a re<uest or people to s'o5 up So arri"ed at t'e restaurant at pand looked inside and 5as tryin+ to i+ure out 5'ic' ta9le 5as t'e Bitcoin ta9le4 so 5alked up to t'e people 5'o looked +eekiest and said4 Ds t'is t'e Bitcoin ta9le; And t'eylooked at e unny turns out all o t'e ta9les 5ere Bitcoin ta9les4 t'e o"erlo5 outside ont'e side5alk 5as Bitcoin ta9les T'e entire restaurant 'ad 9een copletely taken o"er4pro9a9ly 30 - 0 people 5ere t'ere4 and 9oy4 5'at an aa1in+ e"enin+ it 5as )ot to eetsoe incredi9le people Soe o t'e o"ers and s'akers o t'e Bitcoin industry t'ere don’t 5ant to ention naes T'ey pro9a9ly didn’t 5ant to attract t'at uc' attention4 9ut

t'ere 5ere a couple o ounders and CEF’s ro a*or Bitcoin 9usinesses t'ere T'ere5ere lots and lots o users4 interestin+ people4 de"elopers4 ne5 9usiness o5ners4 all kindso people4 as 5ell as o course a 5'ole 9unc' o *ournalist>press>edia people And it 5as aantastic e"enin+4 lots o +reat con"ersations t’s so easy to or+et a9out all t'e inspirationalpeople out t'ere4 all o t'e +reat ideas4 and 5'at really 9rin+s us to+et'erG t'is s'aredpurpose t'at 5e all eel So let t'is eetin+ copletely 9u11ed4 5it' do1ens o 9usinesscards and connections 5'ic' led to actually se"eral con"ersations and ollo5-ups today you don’t do eetups4 start doin+ t'e T'is is a +reat reason to do t'e Bitcoin is a +reat5ay to +et into t'e eetup space4 and eetin+ people 5'o are interested in Bitcoin is reallya lot o un4 so ’ +oin+ to 9e doin+ a lot o t'ese ro no5 on

S(: ’ totally *ealous4 t'at sounds a5esoe

ABL: @ou ean 'a"e to lea"e y 'ouse;

AA: 8ell no4 actually4 you don’t Ada 8'at’s really easy is you +o to eetupco andyou start one at your 'ouse4 and t'en you 5atc' t'e 30 people coe t'ere Seriously4 5'ynot; A picnic one 5ould 9e a9solutely a5esoe 5ould coe ’ actually si+ned up or Hot'er eetups t'is 5eek4 and in eect4 it’s a 5ay to keep eetin+ people Also i you areinterested in doin+ t'is as a li"in+4 ri+'t; you are interested in earnin+ 9itcoin or 5ork4

9ecoin+ a 9itcoin proessional4 startin+ a 9usiness4 +ettin+ 'ired in 9itcoin: o'4 t'ese are+reat places ean4 yesterday t'e place 5as literally ull o 9ot' 9usiness people 'irin+people 5'o 5ere oerin+ ser"ices - de"elopers4 +rap'ic desi+ners4 "arious ot'er areas oe=pertise4 as 5ell as a couple o IC’s 5'o 5ere tryin+ not to look like IC’s n"estors4rat'er4 s'ould say4 5'o 5ere casually listenin+ in on con"ersations4 and t'en akin+contacts 5ouldn’t 9e surprised i a lot o Bitcoin pro*ects +et unded t'rou+' t'is type oserendipitous eetin+



S(: T'at is so cool4 you kno5 e"en little Je5 %aps'ire4 'ere 5'ere ’ ro4 'as 9itcoineetups once a 5eek T'ere’s a pretty acti"e 9itcoin counity 'ere ostly li9ertariansand people 5'o are in"ol"ed in t'e 2ree State Pro*ect in soe 5ay or riends o t'e4 andit’s called t'e 2ree State Bitcoin Consortiu4 t'ey 'a"e 5eekly eetups ay9e t'e ones int'e 9ay area are a little ore illed 5it' people ro t'e tec' sector A little ore 'i+' class 'eard +reat t'in+s a9out t'e But yea'4 ean t'ere’s pretty uc' 9itcoin counitiesall o"er t'e place And not only do t'ink it 5ould 9e a +reat place to +et *o9s and tonet5ork proessionally4 9ut also per'aps to eet riends4 and to eet people to +o intopotentially uture 9usinesses 5it' or pro*ects 5it'4 or e"en to eet si+niicant ot'ers4 didyou see any o t'at 'appenin+;

AA: a 'appily arried and 9lind to all o t'at

ABL: 8ell actually t'at is a decent <uestion 8'at 5as t'e +ender ratio like4 i you couldtell;

AA: T'at’s a +reat <uestion Actually4 5ould say it 5as a perect representation o t'e9itcoin counity E"ery 5alk o lie4 e"ery a+e4 e"ery et'nicity4 country o ori+in4 lan+ua+espoken 5eird accent4 5eird look4 and +ender 5as represented e<ually

S(: 8o54 t'at’s a5esoe

ABL: T'at is pretty a5esoe actually t'ink it’s +reat t'at you +uys 'a"e acti"ecounities4 9ut t'ink t'at4 e"en you Step'anie in Je5 %aps'ire t'ere’s a really 9i+li9erty oriented counity4 so t'ink t'ere’s a lot o 9itcoin a5areness 9ecause o t'at ’a9out an 'our and a 'al nort' o San 2rancisco and t'ere’s not'in+ 'a"e a9out t'reeto5ns4 our to5ns around e and t'ere are no eetups So t'e <uestion or e 'as not9een do 5ant to +o to a eetup4 its 9een do eit'er A$ 5ant to dri"e a lon+ 5ay to +o to aeetup4 or B$ do *ust start soet'in+ ysel and take t'at on as an additional pro*ect t'ink ultiately t'at’s 5'at’s +oin+ to 'appenin+ is t'at ’ *ust +oin+ to start a eetup andt'en it’s kinda +oin+ to +ro5 ro t'ere But t'ink t'at’s soet'in+ t'at: i you are listenin+to t'is podcast4 c'ances are "ery +ood t'at you are 5ay a'ead o t'e cur"e o KK o t'epeople t'at you kno5 @ou kind o are t'e oreront o t'is4 and i your local to5n or localarea doesn’t 'a"e a 9itcoin eetup4 it’s real easy to start one and once you do start one4t'ey kind o 9ecoe conta+ious t’s all a9out education4 t'at’s 5'at 5e are doin+ 'ere 5it't'e s'o54 9ut t'at’s 5'at t'ese eetups are a9out4 too t’s a9out net5orkin+4 and it’s a9outeducation4 and s'arin+ t'at inoration



S(: @ea'4 5onder i 5e can put soet'in+ up on our 5e9site4 LetsTalkBitcoinco4a9out startin+ a local eetup and ay9e listeners could post t'eir eetups and ind peopleto attend t'at 5ay

ABL: A+ain4 5e +otta do t'is oru t'in+ it’s on y list to do4 it really is T'anks or t'atupdate a9out t'e San 2rancisco eetup Andreas4 t'at’s really +reat to 'ear ’ +lad t'att'ere’s so uc' e=citeent4 and San 2rancisco is kind o a speciic place or t'at4 and e"enso 5e’"e 9een 'earin+ t'is sort o t'in+ e"ery5'ere 5as talkin+ 5it' /o'n 8aller ay9et5o 5eeks a+o4 and 'e 5as tellin+ e a9out 'o5 t'ey 'ad4 in /apan4 a local Bitcoin eetupt'at 'e 'ad 9een attendin+4 'ad e=ploded like K0 in ters o attendance o"er t'e courseo a couple o 5eeks and t'ere 'a"e 9een ot'er stories t'ere too4 coin+ up all o"er t'eplace really t'ink it’s t'e tie and it’s t'e 5ay people are interactin+ 5it' eac' ot'er

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S(: ’ *ust lookin+ at t'is t'read 'ere ro t'e BitcoinTalk oru And it’s called4 t'e'eadline is: NAnnounceent: Block Erupter OSB4’ and apparently t'ere’s a copany calledBit2ountain and t'ey 'a"e an e=periental 9atc' o t'ese OSB-po5ered ASC iners t'at'a"e passed t'eir initial tests4 t'ey 'a"e pictures o t'e online4 and eac' one ines ata9out H00 '>s Jo5 t'at’s not as uc' as t'e ot'er ASCs t'at4 or instance4 Butterlyla9sis talkin+ a9out4 or t'is /upiter t'in+ t'at 5e talked a9out4 5'ic' ay 9e *ust as ra+entaryas +oin+ to /upiter itsel4 t'at supposedly ines at .0 +'>s4 so t'at 5ould 9e like ,4000ties aster t'an t'is little OSB t'in+ But you can plu+ it into OSB4 it’s entirely po5ered 9yt'e OSB port4 one o t'e pictures 'ere s'o5s a 'eat sink so you can potentially cool it in a9unc' o dierent 5ays4 and it’s opened to t'e air4 you can see all t'e circuitry4 it 'as a little

LE? in it t'at las'es 5'ile it’s inin+4 5'en a s'are +ets accepted T'ey 'a"e a picture'ere 5'ere t'ey 'a"e a ten-OSB strip and t'ey’"e plu++ed in se"en in a ro5 o t'esede"ices and t'ey said t'ey’"e ran t'e o"erni+'t and t'ey are all "ery sta9le T'is looksreally proisin+4 t'is is like t'e irst p'ysical e"idence 5it' +ood pictures 5e’"e seen Andt'ese are a9out t'e si1e o a <uarter4 +uess4 o a sall coin Actually4 t'ey are s'o5in+ a/apanese coin4 so ’ not sure 5'at kind o coin it is But t'ey’re pretty sall4 5ould saylike t'e si1e o your t'u9 and sall enou+' t'at you can 'a"e a OSB dri"e t'at po5erst'e T'ey’re sayin+ t'ey are +oin+ to 9e a"aila9le or order in 9atc'es Eac' one is +oin+to cost t5o 9itcoins4 ,KK 9itcoins4 and you 'a"e to order at least H00 de"ices4 so t'is is+oin+ to 9e - t'e irst 9atc' is +oin+ to 9e or +roup-9uys and retailers 5'o are +oin+ to sellt'e to ot'er people 8'at do you +uys t'ink a9out t'is;

AA: t'ink it’s a +reat idea4 really e=citin+ t’s a +reat opportunity to +et into ande=perient a 9it

S(: t looks like people are really really e=cited a9out t'is on t'e 9itcointalk t'readSaller OSB ASC iners t'at are a little 9it ore aorda9le or t'e a"era+e person arepro9a9ly +oin+ to ake t'e net5ork 9i++er4 t'ey are +oin+ to ake it ore distri9uted4



5'ic' is al5ays a +reat t'in+ @ou could pro9a9ly +et ten o t'ese4 like t'ey said4 and runt'e o a OSB strip4 and you could 9e 'a"in+ soe pretty +ood 'as'in+ po5er4 so t'inkt'is 5ould 9e a +reat t'in+ or Bitcoin in +eneral4 and 5ould lo"e to +et y 'ands on one

AA: ake t'at t5o please4 Step'anie ’d like one4 too

ABL: T'ere are t5o an+les t'at t'ink t'at 'a"e a little 9it o dierences 5it' you on a+ree 5it' you t'at t'is is +ood or Bitcoin4 9ut ro t'e perspecti"e o soeone 5'o i+'tactually 5ant to 9uy one - don’t really kno5 Because4 a+ain4 5'at you’re doin+4 5'atyou’re tradin+4 t'ink t'ey cost like , 9itcoin or ,H 9itcoin eac'4 you said;

S(: Jo t'ey actually cost t5o 9itcoins eac'

ABL: T'ey cost t5o 9itcoins eac' Fkay4 so t'ey cost t5o 9itcoins eac'4 and you’re 9uyin+t'e no54 you’ll pro9a9ly recei"e t'e no5 - 9ut isn’t t'ere a pro9le 5it' t'e ASCsaturation t'in+ +oin+ to 'appen; ?idn’t Butterlyla9s *ust announce t'at t'ey are releasin+4t'ey are inally +oin+ to 9e releasin+ all o t'e pre-orders t'ey took; T'at 5ould 9e yconcern 5it' t'is @ou 5ould 9uy t'is no54 and 9y t'e tie you +ot it4 t'e net5ork 5ould'a"e ad*usted So e"en t'ou+'4 yea' it’s H00 '>s4 5'ic' looks +ood ri+'t no54 pro9a9ly5'en t'e net5ork +oes up .0 ties *ust 5onder 5'at t'e return is +oin+ to 9e T'at 5ould9e y priary concern4 really 5it' +ettin+ into any kind o inin+ ri+'t no5 is *ust t'ato"in+ or5ard - especially i you are talkin+ a9out steppin+ into Bitcoin4 application-inte+rated speciic circuit4 t'ose can only 9e used or Bitcoin H00 '>s is +ood no54 andcertainly t'e po5er consuption is +ood *ust 5onder i in t'ree ont's i it is really +oin+

to 9e anyt'in+ t'e net5ork +oes up .0 ties4 t'en suddenly4 you are talkin+ a9out t'ee<ui"alent o , '>s

S(: @ea'4 a9solutely T'ere are a lot o people sayin+ t'is on t'e 9itcoin orus And ean4 t'ey actually 'a"e 9een sayin+ t'is a9out e"ery sin+le inin+ tec'nolo+y t'at coesout T'ere 5ill 9e at least one naysayer t'at says4 DF'4 it’s not +oin+ to 9e proita9le 5it't'is tec'nolo+y in a couple o ont's4 so dont 5aste your tie any5ay And e"en t'ou+'people 'a"e 9een sayin+ t'at or a lon+ tie4 t'ere 'a"e 9een soe unseen t'in+s like t'edelay 5it' ASCs 9ein+ introduced into t'e arket T'e price o Bitcoin is also anot'eractor 8e don’t kno5 5'at t'e price is +oin+ to 9e in a couple ont's4 so e"en i you’reonly inin+ a e5 satos'is a day4 t'at could 9e e"entually really proita9le

ABL: (i+'t4 and t'ink t'at’s t'e 5ildcard t'ereG 9ut4 a+ain4 anytie t'at 5e start talkin+t'ese tec'nolo+ies4 t'ink it’s really iportant t'at people keep in ind t'at 5'at t'ey eanno5 does not necessarily translate to 5'at t'ey are +oin+ to ean in t'e uture @ou kno55'at ean; At t'e sae tie4 i or 5'ate"er reason all t'e tec'nolo+ies t'at are out t'erestart to ail4 t'en t'is could 9e e"en ore "alua9le *ust t'ink t'at t'e case is ore likelyt'at it 5ill 9e less "alua9le But you’re ri+'t4 it is all relati"e 9ased on t'e price o 9itcoin4



9ecause earnin+ 00, BTC 5'en it’s 5ort' ,00 is not so +reat4 9ut earnin+ 00, BTC 5'enit’s 5ort' ,04000 is o9"iously a sli+'tly dierent "alue e<uation

S(: (i+'t ay9e it’s tie to +o to 9its QBTCR4 like 5e’"e talked a9out 9eore

ABL: @ea'

S(: t’s not 0, 9itcoin4 its ,00 9its QBTCR t'ink t'e ot'er actor is t'at t'ese are+oin+ to 9e s'ippin+ ro C'ina4 so 5'o kno5s 5'at could 'appen: s'ippin+ delays4anuacturin+ delays4 custo delays4 t'ere’s all kinds o dierent actors 8'en it coes totakin+ an idea and +ettin+ a prototype 9uilt and t'en +ettin+ t'at ass produced and t'en+ettin+ t'at actually s'ipped All kinds o t'in+s could 'appen4 and t'ere’s still a lot o riskin"ol"ed in t'is4 9ut can see 5'y soe people are e=cited and can see 5'y soe peopleare really skeptical

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ABL: 8e’re 'ere 5it' ic'ael %ill

%: ’ a )reek citi1en and an Aerican citi1en li"in+ in Cyprus 5as 9orn inQunintelli+i9leR ?akota4 y ot'er is )reek4 o"ed to At'ens4 initially 2i"e years a+o o"ed to Cyprus

ABL: So 5it' e"eryt'in+ t'at 'as 9een 'appenin+ in Cyprus o"er t'e last couple ont's4 ist'at soet'in+ t'at 'as aected you and people you kne5 directly;

%: @es4 a9solutely consider Cyprus to 9e y peranent place o residence4 soo9"iously4 yea'4 it aected e and pretty uc' e"eryone kno5

ABL: n t'e political situation leadin+ up to it4 5as t'is t'e sort o t'in+ 5'ere t'ere 5as any

5arnin+ 5'atsoe"er4 as ar as ost people are concerned;

%: t'ink t'e +eneral sense in Cyprus is t'at t'ere 5asn’t a speciic 5arnin+ o 5'at t'einal solution 5ould 9e4 9ut t'ere 5ere deinitely dark clouds orin+ since t'e past yearEspecially at t'e PS deal 5it' )reece 5'ic' inlicted "ery 'ea"y losses on Cypriot 9anks8ell4 in Cyprus t'ey call it t'e Dpre-eorandu - eorandu 9ein+ t'e a+reeentst'at eac' indi"idual country akes 5it' t'e Euro +roup to ipleent certain reors andpolicies T'e pre"ious +o"ernent4 o ?eetris C'ristoias4 si+ned a pre-eorandu last



suer to ipleent certain reors Apparently4 one o t'ose reors 5as restructurin+t'e t5o a*or 9anks o t'e nation T'e pre"ious +o"ernent didn’t take any speciic actionT'ey 9asically *ust 5as'ed t'eir 'ands on t'e 5'ole atter and let it up to t'e ne5+o"ernent t'at 5as elected in 2e9ruary to deal 5it' t'e 5'ole crisis Basically4 t'e 9o9kind o e=ploded in t'e 'ands o t'e ne5 president T5o 5eeks ater 'e 5as elected4 'e5as 9asically a9us'ed at Qt'eR Euro +roup conerence

ABL: So 5'at you are sayin+ is t'at t'e old +o"ernent 'ad ade t'is a+reeent 5it' t'eEuro1one prior to lea"in+4 and t'en 5'en t'e ne5 +o"ernent cae in4 t'ere 5as prettyuc' not'in+ t'ey could do a9out it

%: Pretty uc' And no54 politically4 t'e situation in Cyprus is t'at t'ese t5o parties aretryin+ to s'it 9lae on eac' ot'er T'e citi1ens really don’t kno5 5'o to trust anyore

ABL: So or people 5'o 'a"e 9een under a rock4 can you +i"e us a rundo5n o 5'at 'as9een +oin+ on in Cyprus;

%: T'e decision o arc' ,t' 5as to s'ut-do5n and li<uidate t'e nations second lar+est9ank4 popular 9ank - Laiki Bank as it is called in )reek - and or it to 9e split into a +ood9ank and a 9ad 9ank T'e 9ad 9ank 5ill take all t'e unsecured deposits and outstandin+loans t'at 5eren’t 9ein+ 'onored or up-to-date so to speak T'at 9ank 5ould 9e li<uidated45'ic' eans t'ey 5ould +o ater assets t'at are tied to t'e loans4 suc' as property or ot'erassets T'e +ood 9ank- 5'ic' 5ould 9e constituted o +ood loans and in"estents t'at arestill in t'e 9lack - it 5as essentially 9ou+'t out 9y t'e nation’s lar+est 9ank: t'e Bank o

Cyprus T'e current situation ri+'t no5 is t'at you 'a"e t'e Bank o Cyprus4 5'ic' 'as9asically coniscated all o t'e uninsured deposits4 5'ic' is deposits a9o"e ,004000 euros4t'ey’re ne+otiatin+ t'e aount o t'e 'aircut t'at 5ill 9e iposed on t'ese deposits Acouple o days a+o4 t'ere 5as a decision t'at t'is aount 5ould 9e close to K0 So9asically4 any aount o"er ,004000 5ill 9e taken a5ay ro people and 9usinesses andin"estors

ABL: 8e ori+inally started talkin+ 9ecause you 5ere postin+ on (eddit a9out 5antin+ to +o9ack to Cyprus and essentially educate people a9out Bitcoin Can you tell us a9out yourplan;

%: 8'at ’ e=periencin+ as a citi1en4 5'at ’ seein+ is t'at t'ere is a se"ere cas's'orta+e in t'e econoy People siply do not 'a"e cas' to ake transactions T'ose t'atdo 'a"e cas' are 'oldin+ on to it and only 9uyin+ t'e 9are essentials So t'e econoy 'ascoe to a standstill and t'is is in turn 5ill o course lead to an e"en 9i++er econoicdo5nturn4 and 5ill aect t'e de9t to )?P ratio4 5'ic' is estiated to 9e - t'is yearalone T'at’s a "ery +enerous estiate Cyprus is +oin+ t'rou+' t'e sae cycle t'at)reece e=perienced t'ree years a+o and is still e=periencin+ 9elie"e t'at Bitcoin could 9e



a solution i it is introduced to t'e econoy as a copetin+ currency to t'e Euro: you’ll9asically 'a"e an additional currency to peror transactions T'is o course is soet'in+"ery ne5 ’ no e=pert on it *ust 5ant to or+ani1e a 9itcoin oru to +et ot'er people 5'ounderstand econoics 9etter t'an e4 5'o understand Bitcoin 9etter t'an e4 and discusspossi9le solutions to t'is crisis

ABL: So i soe9ody 5ants to 'elp you in your task4 is t'ere a 5ay t'ey can +et in touc'5it' you;

%: A9solutely a "ery acti"e on (eddit and try to update as uc' as possi9le ’ *ust+ettin+ started so4 ri+'t no54 a really not in a position to ask or speciic 'elp 9ecause do not 'a"e anyt'in+ speciic to oer Anyone 5'o is interested in trackin+ pro+ress o t'ispro*ect4 t'ey can ollo5 us on our 2ace9ook pa+e: D(e9oot Cyprus 8it' Bitcoin Also on(eddit4 keep an eye on t'e Bitcoin su9reddit

ABL: %o5 'as t'e reaction 9een to 9itcoin in Cyprus; %a"e you spoke 5it' people a9outt'is yet;

%: do kind o 'a"e an approac' like to use 8'ene"er +o to a caeteria or a 9ar or as'op4 and 5'en ask or t'e 9ill4 *ust tell t'e4 Ddo you accept 9itcoin; E"ery9odyin"aria9ly says4 D5'at’s 9itcoin; tell t'e4 D8ell it’s a di+ital currency used all o"er t'e5orld4 you’"e 'eard o it; %e says4 DJo! So 5e start a sall discussion4 and tell 'i4DLook you 5ant to kno5 ore a9out t'is4 started a 2ace9ook pa+e4 look it up ’ alsotryin+ to or+ani1e a oru or anyone interested to coe and talk ay9e 5e can do t'is ona ont'ly 9asis and start indin+ solutions to t'is econoic crisis T'e reception 'as 9een

"ery +ood 5as surprised4 soe people are deinitely coin+4 ot'er people really 5antedto kno5 ore a9out t'is (i+'t no5 ’ in t'e process o takin+ in a lot o inoration and5ritin+ it out in )reek4 9ecause t'ere is not a lot o inoration in )reek out t'ere t’ll really'elp in counicatin+ a9out Bitcoin

ABL: %a"e you run into any9ody yet 5'o is already 5orkin+ 5it' t'e currency;

%: 'a"en’t run into any9ody in Cyprus 5'o is 5orkin+ 5it' it did +et a response on(eddit ro soeone 5'o said 'e’s 9een li"in+ in Cyprus and 'e’s 9een trackin+ Bitcoinsince .0,0 5rote a reply and told 'i4 D)reat4 5'y don’t you coe to t'e oru; Let’s

eet Let’s talk 'ope to see you t'ere

ABL: @ou said you’re plannin+ to do it as a ont'ly t'in+ 8'at is t'e date o your irste"ent;



%: t 5ill 9e ay .t'4 tentati"ely4 o course 8'en return to Cyprus and start usin+ yconnections t'ere4 'a"e a riend 5'o 5orks at t'e lar+est daily ne5spaper t'ereQunintelli+i9leR )et soe press releases and soe articles4 and ay9e t'ey can start+ettin+ t'e 5ord out also 'a"e soe riends ro soe ad"ertisin+ a+encies t'at used to5ork or4 t'at can 'elp e or+ani1e 9ook "enues4 print soe lealets and put up posters ’+oin+ to do all o t'ese t'in+s a couple o 5eeks leadin+ up to ay .t' T'ere 5ill 9e a loto 5ork 5aitin+ or e 5'en +et 9ack to Cyprus 9ut ’ "ery e=cited to do t'is really9elie"e in t'e idea o Bitcoin as an alternati"e currency 'elpin+ out Cyprus at t'is tieay9e people outside o Cyprus need to +et a 9etter understandin+ o t'e social situation inCyprus T'e edia in Cyprus 'a"e 9een pretty uc' usin+ scare tactics4 and t'epoliticians4 o course People o Cyprus 'a"e 9een presented 5it' t5o u+ly options Fne is:stay in t'e euro4 pus' t'rou+' t'ese reors4 +o t'rou+' i"e or si= years o depression4 andt'en4 at t'e end o t'e tunnel4 5ill 9e de"elopent T'at’s 5'at t'ey’re sayin+ T'ey aresayin+ i 5e don’t do t'is and 5e pull out o t'e euro and 5e print our o5n currency4 t'ecurrency 5ill 9e de"alued 9y 0-0 @ou 5ill lose e"eryt'in+ t 5ill 9e disaster4 it 5ill 9ec'aos People are scared into su9ission4 9asically 9elie"e in a essa+e t'at is orepositi"e: a essa+e t'at t'ere is an independent currency t'at is not controlled 9y any

central 9ank t doesn’t re<uire t'e use o coercial 9anks All it re<uires is your ait' inusin+ it All it re<uires is indi"idual initiati"e T'at’s soet'in+ t'at really runs a+ainst Cypriotentality ndi"idualis is not really t'e "alue t'at it is in Aerican society4 or instance - orin Britis' or in 8estern society Cyprus is a 9it ore dierent t’s a ore closed4conser"ati"e society

ABL: t sees like soet'in+ 5'ere e"en i people 5ere a5are o t'e possi9ility t'at it could'appen4 don’t t'ink t'at any9ody t'ou+'t t'at it 5ould 'appen in real lie4 ri+'t;

%: T'ere 'a"e 9een reports a9out politicians and relati"es o politicians pullin+ out t'eirdeposits ro Cypriot 9anks *ust days 9eore t'e Euro +roup decision T'ere’s a lot o an+erin Cyprus4 as you can understand

ABL: t'ink it is a siilar situation else5'ere in t'e 5orld4 5'ere you start talkin+ a9outt'ese concepts4 9ut people don’t really 'a"e t'e conte=t to appreciate or understand it(eally4 to conceptuali1e t'at t'in+s could 9e dierent ro t'e 5ays t'at t'ey are no54 9ut'ere 5e 'a"e an e=aple o e=actly t'at 'appenin+ - a really drastic c'an+e 'appenin+5it' "ery little notice

%: @ea'4 and in a sense4 Cyprus is in a uni<ue situation to really test t'e liits o Bitcoin -to see 5'ere it can +o4 and t'ink t'at t'e Bitcoin counity really 5ants to see t'is'appen in a country4 in t'e sense t'at4 so ar 9itcoin 'as 9een seen ore as a speculati"ein"estent Soet'in+ t'at you can 9uy today and sell s'ort4 in a ont' or soet'in+ T'eprice cras' last ont' 5as soet'in+ t'at a lot o people e=pected4 9ut per'aps not to suc'e=trees Bitcoin 'as "olatility issues4 it 'as soe re+ulatory issues 9elie"e t'at t'ese 5illsoot' out i a country like Cyprus actually 9e+ins usin+ it as a currency t is in t'e interest



o t'e international 9itcoin counity to see Cyprus to successully start usin+ 9itcoin4 ando course4 it 5ould 9e in t'e interest o Cyprus itsel

ABL: So let’s play t'is out E"eryt'in+ 5orks E"eryt'in+ +oes to plan 8e’re a year in rono54 and you’"e 'ad se"eral o t'ese syposius or eetin+s 8'at does it look like;

%: 8ell en"ision kind o like an econoy o copetin+ currencies T'e c'oice o 5'ic'currency to use at any +i"en transaction is up to t'e indi"idual n t'is scenario4 any price"olatility in 9itcoin4 or e"en in euro4 5ould iti+ate any loss to t'e indi"idual4 i 'e or s'e5ould 'a"e an aount in 9ot' currencies

ABL: So essentially4 not puttin+ all your e++s in one 9asket @ou’re 'ed+in+ your e=posureto your +i"en currency4 e"en t'ou+' it’s your local currency

%: @ea'4 as opposed to t'e syste 5e 'a"e no54 5'ere 5e 'a"e 9asically a onopoly incurrency 8e 'a"e a euro onopoly in eac' country T'is concept o Deac' country ust'a"e an oicial currency4 pretty uc' a t5entiet' century concept T'e 5orld 'as o"edon T'e 5orld 'as 9ecoe ore +lo9ali1ed4 ore interconnected at an indi"idual le"el T'econcept o nation-state no lon+er can satisy t'e indi"idual’s need Per'aps 5e are o"in+into a uture 5'ere 5e 5ill 'a"e only di+ital currencies4 in t'e distant uture4 ean t'inkit’s already started t'ink 5e’re already o"in+ into t'at direction T'e irst country to 9e+inacceptin+ t'is ne5 reality t'at’s orin+ 5ill 9e in a "ery +ood position in t'e lon+ run canstill see a role or t'e euro4 in a sense t'at 5e can still pay ta=es in euros4 still pay or+o"ernent ser"ices in euros4 start payin+ o national de9t in euros Bitcoin can ostly

ser"e as a currency or e"eryday transactions T'e saller transactions and orinternational transaction4 o9"iously4 9ecause Cyprus 'as 9asically 9een cut o and isolatedn a sense4 Cyprus doesn’t 9elon+ in t'e Euro1one T'ey use t'e euro4 9ut t'ey don’t9elon+ in t'e Euro1one 9ecause t'ere is no ree o"eent o capital Like said4 Cyprus isin a "ery uni<ue position to start usin+ 9itcoin4 and di+ital currencies in +eneral ’ not as'ill or 9itcoin4 ean litecoin4 terracoin4 5'ate"ercoin - ay9e 5e create a Cyprus coin’ *ust sayin+ t'e concept o a di+ital currency4 a currency t'at is not printed 9y a central9ank t'at 9elon+s to t'e +lo9al inancial syste4 is t'e 5ay to +o

ABL: ic'ael %ill Bitcoin Cyprus Pro*ect appreciate your tie

%: T'ank you Ada And 'ope 5e can talk a+ain

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s'o5ed you a 5e9site 5'ere you could easily purc'ase electronics ro t'e 5orld’slar+est distri9utor4 5it' 9itcoins4 at 1ero percent arkup4 5ould you t'ink it’s too +ood to 9etrue; )ood ne5s4 its real and its at Bitcoinstoreco C'oose ro 'al a illion ites4 sa"eoney o"er Aa1on and Je5e++4 and con"ert your 9itcoins to real 5orld ites @ou cane"en 9uy 5it' pri"acy All t'ey need is a s'ippin+ address But don’t take y 5ord or itSee or yoursel at Bitcoinstoreco

ABL: Let’s Talk Bitcoin is unded 9y your donations4 5it' a per-episode support +oal o ,BTC per s'o5 Episode 4 so ar4 'as recei"ed a total 063666 BTC4 so ar4 ro a total o,. donors T'ank you "ery uc'! Please ree9er e"en i t'e aount you 5ould donate issall4 5it' 9itcoin and a +ro5in+ audience4 it adds up ast you are ne5 to 9itcoin and5ould like to learn 'o5 it 5orks in ore detail4 please "isit LetsTalkBitcoinco>learn to 9edirected to t'e 9itcoin education pro*ect4 5'ic' 'i+'ly recoend you are 5onderin+5'at t'e 'osts look like4 5ant to correspond directly4 or 5ant to learn ore a9out t'e tea9e'ind Let’s Talk Bitcoin4 c'eck out t'e Deet t'e tea section on t'e site %osts 'a"eindi"idual tip *ars on t'eir pa+es4 so i you 5ould like to ake sure you are re5ardin+ t'e

ri+'t indi"idual4 t'at’s your destination Let’s Talk Bitcoin is also seekin+ sponsors 5'ose9itcoin related products or ser"ices 5ould 9e useul to our listeners Please contact

Adaletstalk9itcoinco to start t'e con"ersation And o course4 our s'o5 5ould 9enot'in+ 5it'out an audience Please s'are Lets Talk Bitcoin 5it' anyone you t'ink 5ould ors'ould 9e interestin+ in t'e uture o oney Let’s Talk Bitcoin is released under an opensourced license 5'ic' allo5s or t'e non-coercial clippin+4 rei=in+4 and postin+ in anyorat or to any site you 5ant4 so lon+ as you include a link to our site: LetsTalkBitcoinco8e’re also acti"ely recruitin+ 9ot' on and o-air talent or t'is and ot'er s'o5s to coeFnce a+ain4 i you are interested please contact e at Adaletstalk9itcoinco

S(: A couple o 5eeks a+o4 5as in Je5 @ork City or an e"ent called Anarc'y in t'eJ@C4 and 5'ile 5as t'ere4 5ent out to dinner 5it' a +roup o people4 and one o t'epeople t'ere 5as t'e person 5'o runs t'e Je5 @ork City 9itcoin eetup4 and 'e +a"e e a9usiness card T'en a couple o 5eeks later4 connected 5it' 'i on 2ace9ook and 'es'ared t'is article 5it' e: T'ere’s a 9itcoin eetup +oin+ on in Onion S<uare in Je5 @orkCity4 and it’s an actual literal arketplace or 9uyin+ and sellin+ 9itcoins t'ink it could 9epotentially later on or sellin+ actual t'in+s - like o9*ects4 p'ysical o9*ects or 9itcoin - 9utt'is irst eetup t'ere 5as *ust 9itcoins and le+acy currency c'an+in+ 'ands and it 5asactually "ery successul T'e Je5 @ork Ties 'as a piece a9out t'is eetup and its calledNA Pus' or Bitcoin Button5ood’ T'ey’re sayin+4 D/ust eet ro t'e park statue o )eor+e8as'in+ton in Onion S<uare4 a cro5d o youn+ en +at'ered on onday aternoon to 9uy

and sell t'e di+ital cryptocurrency T'ey 5ere 9rou+'t to+et'er ro an online postin+ rot'is +uy4 /os' (ossi4 9itcoin aicionado 5'o 5orks in tec'nolo+y at t'e 8orld Trade2inancial )roup T'en t'e +o on and talk a little 9it a9out 9itcoins and t'ey descri9e soeo t'e transactions t'at 5ent on T'e irst one is t'at soe9ody 9ou+'t .0 5ort' o 9itcoinat t'e rate o ,.0 per 9itcoin Fnce t'e irst transaction 5ent t'rou+'4 t'at 5as ollo5ed 9yany ot'er transactions t'ink t'is is really e=citin+ T'ey are 9asically takin+LocalBitcoins to t'e ne=t le"el Fnce t'ey +et soe traction and start eetin+ re+ularly4people are +oin+ to kno5 t'at t'ey are t'ere and t'is is 5'ere you can +o to +et 9itcoins



and people ay 9e 'earin+ t'is and t'inkin+4 DF'4 t'is is soe sketc'y4 eet soe dude int'e park and 'and 'i soe cas'4 +et soe 9itcoins4 you i+'t +et u++ed But no4 t'atdoesn’t sound like 5'at it 5as at all ean it sounded like it 5as +oin+ on in 9roaddayli+'t4 t'ere 5as a lot o docuentation4 lots o people around akin+ sure e"eryt'in+stays sae and a9o"e-9oard t'ink it’s really cool4 ’ e=cited a9out it 8'at do you +uyst'ink;

AA: San 2rancisco is t'e place 5'ere arers arkets +ained early acceptance andactually 9ecae 'u+e a literally and 'onestly e9arrassed t'at 5e didn’t t'ink o t'isirst4 so eit'er ’"e issed one t'at 5as already 'appenin+ or 5e need to +et our actto+et'er ean4 coe on4 5e s'ould 'a"e a 9itcoin arers arket or a 9itcoin open airarket T'ere are so any a5esoe locations ri+'t 'ere in San 2rancisco4 and in t'e 9ayarea in +eneral Across t'e 9ay in Berkeley or sure4 and any ot'er places 5'ere t'isodel 5ould 5ork 9eautiully Eit'er 5e’"e issed it or t'is s'ould deinitely 9e 'appenin+and t'ink t'is 5ould 9e a 'u+e success 'ere t’s a +reat idea

S(: @ou kno5 t'e ori+in o t'e ter DButton5ood 5'ic' 5as t'e title o t'is article: it’s areerence to t'e start o t'e Je5 @ork Stock E=c'an+e4 5'ic' 5as soe eetin+ 5'eret'ey 5ere tradin+ stocks or soet'in+ like t'at4 so t'ink t'at 5as cute

ABL: 8'at it sounds like 'appened is soet'in+ close to a prototype or an old-style tradin+pit4 5'ere you’"e +ot 9uyers and sellers oerin+ and copetin+ or eac' ot'er 9asically orprice4 and t'en once an a+reeent is ade4 t'e interested parties step aside and do t'eirtransaction4 and t'en +o ri+'t 9ack into t'e pit ?oes it sound like4 do 5e t'ink4 t'is can +oin t'at 5ay;

S(: @ea'4 a9solutely you look at soe o t'e transactions4 t'ere 5as actually anot'erarticle t'at detailed e"ery transaction t'at 5as ade4 and t'ere 5as a pretty +ood pricespread ro people 9uyin+ at ,.0 a 9itcoin4 do5n to like ,03-,04 and it c'an+ed o"ert'e course o t'e aternoon So4 t'at 5as super interestin+ to e

AA: T'e 'istorical reerences 'ere are treendous oten 'a"e t'e eelin+ 5'en ’dealin+ 5it' 9itcoin and 9itcoiners t'at 5e are akin+ 'istory t’s a "ery "ery stron+ eelin+and t'ink a lot o 9itcoiners eel like t'at T'is is unprecedented t’s unc'artered territory

And t'e 'istorical reerences 9ack to t'e ,600s4 5'en one o t'e ost a*or c'an+es in

'uan econoic condition 'appened - essentially4 t'e H4000 years 9eore ,600 5ere all1ero-+ro5t' years And t'en ro ,600 until odern days4 5e’"e 'ad t'is e=ponential+ro5t' in econoies Beore ,6004 it really 5asn’t 'appenin+ 8'at 'appened at t'at tie5as lots o dierent t'in+s con"er+in+: renaissance4 enli+'tenent and all o t'e ot'ert'in+s4 includin+ t'e odern corporation - East ndia Copany4 etcetera etcetera And oneo t'e interestin+ t'in+s is t'at it 5as also t'e 9e+innin+ o stock e=c'an+es in Londoncaes t 5as eetups t'at started and in act "ery near to t'e locations o t'e irst caes inLondon 5'ere t'ose eetups started or erc'ants to 9uy into t'in+s4 like t'e East ndia



Copany4 is 5'ere t'e London Stock E=c'an+e sits today 8e are deinitely akin+ 'istory4and 5e’re doin+ a lot o t'e sae +rassroots t'in+s t'at t'ey did 9ack t'en

ABL: really appreciate t'at 'istorical conte=t 5as not t'at up to date on t'e 'istory ostock arkets4 9ut yea' it sounds like t'at’s e=actly 5'at 5e are doin+4 *ust transpose us acouple 'undred years

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ABL: T'ere’s 9een a story +oin+ around a9out kiddie porn in t'e 9lockc'ain t'ink t'is isanot'er one o t'ose stories 5'ere t'e 'eadline sounds a lot dierent t'an t'e eects areand t'ou+'t it 5as iportant t'at 5e address t'is as <uickly as possi9le T'e ori+inal 5ay cae across it 5as actually ro a 5riter naed /o'n (o94 5'o usually 'a"e a lot orespect %e runs a 9lo+ called )lo9al )orillas and 'e’s a "ery or5ard t'inkin+ 5riter

essentially a9out ne5 security issues and t'in+s like t'at %e descri9es it like t'is: DBitcoin iscurrently 9ein+ used as a pu9lis'in+ syste due to a desi+n la5 T'at la5 t'reatens t'e"ia9ility o 9itcoin as a currency %o5 so; Soe olks 'a"e e=ploited t'at eature>la5 topu9lis' 8ikileaks ca9les and pedop'ile porn links in 9itcoin’s 9lockc'ain F course4 t'at’s apro9le and ay attract soe a++ressi"e 9e'a"ior ro +o"ernents 5ell 9eore itreac'es aturation %o5e"er4 t'at’s still a pro9le since 9itcoin is decentrali1ed4 t'e stepsre<uired to pre"ent people ro pu9lis'in+ inoration is "ery diicult T'e article +oes on9ut t'ink t'at kind o +i"es t'e +eneral ipression t'at "e seen out t'ere ost coonly4is t'at t'ere’s kiddie porn t'at is 9ein+ put into t'e 9lockc'ain4 alon+ 5it' ot'er t'in+s t'at5e don’t 5ant t'ere <uote-un<uote4 like t'e 5ikileaks ca9les And soe'o54 t'is 5ill 9e apro9le 9ecause it 5ill 9rin+ do5n t'e ire o t'e re+ulators Because as 5e all kno54 t'e

one t'in+ you can do to totally +et yoursel tar+eted 9y +o"ernent a+encies is to deal4 insoe 5ay4 s'ape4 or or4 5it' c'ild porno+rap'y

AA: Let e *ust i= t'at last stateent or you4 Ada T'e one 5ay t'at +o"ernenta+encies can crack do5n on 5'ate"er t'ey 5ant is 9y loosely associatin+ it 5it' one o t'e9i+ 9oo-+a-9oos

ABL: (i+'t

AA: T'at are tiny and insi+niicant t'reats4 9ut t'ey o9ili1e an entire ilitary econoyand t'e 5rat' o t'e people to respond to So i you 5ant to ake soeone look 9ad4 youassociate t'e 5it' one o t'ese 9i+ 9u+-a-9oos And t'at’s 5'at’s annoyin+ a9out t'is49ecause really you can’t put c'ild U porn U in t'e 9lockc'ain 8as t'at clearenou+'; @ea'4 you can’t @ou can put te=t in t'e 9lockc'ain @ou can put links to stu in t'e9lockc'ain So t'is is really *ust a 9i+ sensationalist ess t’s really disappointin+ T'epeople 'a"e 9een reportin+ on t'is as i it’s a real issue F9"iously4 ’ a 9it sensiti"e a9outt'e issue 9ecause t'ink t'at a lot o +ood tec'nolo+ies4 especially ones t'at are ne5 and





ABL: A''4 ’"e put ’"e la9eled t'in+s4 9ut don’t t'ink t'at’s 5'at you’re talkin+ a9out t'ink you’re talkin+ a9out actually a essa+e t'at +ets sent4 ri+'t;

AA: @es4 t'at’s t'e optional essa+e you 'a"e a little te=t area underneat' yourtransaction @ou can’t do it on t'e ain 5allet4 really4 t'e o9ile 5allet4 or sure4 doesn’t9rin+ t'at to t'e ront o t'e user interace Fn Blockc'ain i you do a custo send4 you canadd a essa+e to t'e 9otto4 9ut t'e <uick send doesn’t do t'at So t'e easy ans5er4 Q'o5Rpeople ound t'is 5as siply t'at KKK o all transactions don’t 'a"e any te=t T'e onest'at do 'a"e a little te=t So it’s "ery easy to ind t'e ones t'at 'a"e a lot o te=t Fr tosearc' or link patterns and O(Ls4 and t'ose 'a"e "arious 5eird t'in+s in t'e

ABL: So ro a 5orst case scenario standpoint4 ean4 tryin+ to look at t'is ro t'eperspecti"e ro t'e people 5'o are actually le+itiately concerned a9out t'is4 or at leastsayin+ t'at t'ey are le+itiately concerned a9out t'is4 5'at’s t'e scary pitc'; Because ean4 clearly t'e Nputtin+ c'ild porn in t'e 9lockc'ain’ is not really an accurate assessent4

so 5'at is an accurate assessent; T'at you can *ust put a link4 and t'en t'at could like -9ut t'en4 it’s not like you’re 'ostin+ - it’s not like you can look at it t'ere t *ust - i it li"es ont'e nternet4 don’t understand 'o5 it’s e"en a t'in+4 you kno5; it li"es on t'e nternetand you can ind a link to it - 9ecause o9"iously you 'a"e to 9e a9le to ind a link in order to+et to it - so i you can ind a link to "isit it4 doesn’t t'at ean you can take it do5n;

AA: 8ell yea' T'at’s t'e ain point t'ink t'e ain concern is t'is T'e 9lockc'ain isore"er Fnce it’s on t'ere4 it’s ore"er n act 5e depend on it 9ein+ ore"er 8e alsodepend on t'e 9lockc'ain 9ein+ e"ery5'ere E"ery5'ere plus ore"er eans t'at 5'enyou’re runnin+ a ull node client4 you 'a"e t'e - +i+s 5ort' o 9lockc'ain on your 'ard

dri"e @ou possess t'at So t'e scary part 5as4 5ell i people could put4 not links4 9ut t'eactual 9ad stu in t'ese .6 9ytes4 t'en you 5ould 9e in possession o t'at stu *ust 9y'a"in+ a ull node client T'at’s a "ery tenuous ar+uent4 9ot' le+ally and p'ilosop'icallyT'e act t'at soe 9ytes are on your coputer4 and t'ey’re links - you can’t really putia+es or t'in+s like t'at in t'ere t'ink it’s an o"er9lo5n concern n t'e uture4 5e ay'a"e to t'ink a 9it ore clearly a9out 5'at 'appens i certain 9locks 9ecoe soo9*ectiona9le t'at you need to recalculate t'e 9lockc'ain ro t'at point o"er4 9ut reallydon’t t'ink you can do anyt'in+ in te=t t'at isn’t protected 9y irst aendent speec'4 orcould 9e used4 really4 or a possession c'ar+e4 5'en you 'a"e a9solutely no kno5led+e5'at’s in t'e 9lockc'ain

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ABL: Today4 a 'onored to 9e *oined 9y /erey Tucker %e’s is t'e e=ecuti"e editor oLaisse1 2aire Books and a sc'olar o ne5 econoics /erey4 5e’"e 9een talkin+ a9out t'eserendipity o cryptocurrencies4 like Bitcoin4 +ainin+ e=posure and popularity4 durin+ t'istie 5'en t'e oney 5e all use isn’t doin+ so 'ot s t'is an e<ual and opposite reaction4 oris soet'in+ else 'appenin+ 'ere;



/T: don’t t'ink it’s a coincidence at all t'at 5e sa5 t'e rise o Bitcoin at t'e tie t'at 5e’"eseen it: ri+'t ater t'e currency crisis o .00 T'at really put e"ery9ody on notice:soet'in+ is not 5orkin+ a9out t'e syste t’s e=actly t'at period t'e re+ulators4 t'e 2ed4t'e Treasury and e"eryt'in+ - t'ey sent t'e 5'ole syste into a +i+antic up'ea"al t'at’sundaentally c'an+ed its 5orka9ility Banks today don’t 5ork anyt'in+ like 5'at t'ey5orked like ten years a+oG it’s a copletely dierent operation T'ey ake oney in adierent 5ay t'eir reser"es are 'andled in a copletely dierent 5ay4 t'e 2ederal (eser"eis totally dedicated to tapin+ do5n interest to 1ero4 to ne+ati"e oney and t'e inancialsyste *ust isnt 5orkin+ t'e 5ay it used to 5ork4 so Satos'i’s in"ention4 Bitcoin4 coesalon+ really at e=actly t'e ri+'t tie t’s kind o t'e perect stor in any 5ays

ABL: T'e onetary syste 'as already o"ed to kind o t'e uture o oney4 e=cept or allt'e people like us4 5'o are still stuck 'ere usin+ t'e oney t'at 5e’"e 9een usin+ all alon+t’s *ust not t'e sae t'at it used to 9e

/T: 8ell4 one o t'e e=citin+ t'in+s a9out usin+ di+ital currencies4 alternati"e currencies4 ist'at you +ain a reali1ation o soet'in+ t'at you can read a9out in 9ooks4 9ut it reallycoes 'oe to you once you start actually en+a+in+ in real transactions 5it' alternati"epri"ate currencies4 like Bitcoin @ou suddenly reali1e t'at t'e dollar syste4 t'at t'e 5orldoney syste4 in any 5ays is nationali1ed4 and 'as 9een or a9out a 'undred years atleast Soet'in+ undaental c'an+ed in ,K,H 5it' t'e ad"ent o central 9anks t 9asicallyeant t'at a kind o carteli1ed +o"ernent structure nationali1ed our oney4 and t'eresults a 'undred years later are not pretty to see 8e’"e seen assi"e depreciation4 ocourse4 take place4 9ut also continuin+ le"els o 9usiness cycles and it 5orsened at e"ery

sta+e 8'et'er it 5as in t'e ,KH0s or 5'en Ji=on inally closed t'e +old 5indo5 ater t'ecollapse o Bretton 8oods 8e’"e 9een on kind o t'is lon+-run e=perient4 5'ere oney'as 9een 9asically ana+ed 9y +o"ernent and its connected po5er structure4 5it'in a"ery sta+nant and ancient sort o a+in+ institution called con"entional 9anks T'is ullyda5ns on you once you irst kind o +et en+a+ed in akin+ 9itcoin transactions @ousuddenly reali1e4 No'4 t'is is t'e 5ay oney could 9e 5orkin+ in t'e di+ital a+e’ see itessentially as an unstoppa9le orce T'e di+iti1ation o oney is coin+ - i it’s not already'ere - and it’s *ust +oin+ to +ro5 ore and ore as t'e years +o on and t'e +o"ernentstructures are *ust +oin+ to continue to ail ean t'ere are certain analo+ies out in t'e5orld @ou can look at t'e 5ay ails 'a"e +one ro 9ein+ purely onopoli1ed ro pu9licpolicy4 essentially ro t'e early days o t'e repu9lic up until t'e in"ention o eail4 andt'en t'e 5'ole syste kind o 9le5 apart And 5e sa5 t'e in"ention o a totally ne5 5ay o

doin+ t'in+s4 t'at 9le5 our inds4 t'at 5ere ne5 5ays t'at 5ere unia+ina9le in4 say4 t'e,K60s Jo5 5e take t'e or +ranted4 9ut t'e sae kind o t'in+4 you kno5 - it also'appened in education4 its 'appened in 'ealt'care4 its 'appened to a lot o sectors 8ellno54 t'e sae orce o inno"ation and di+iti1ation4 c'oice is aectin+ oney and inance4and t'ink t'at’s +oin+ to 9e our uture



ABL: ’"e 'eard t'is ar+uent 9eore4 t'at 5e are essentially +oin+ to see essentially+o"ernent oney or le+acy currencies as like to call t'e4 9ecoe kind o o9solete Butt'ere sees to 9e an in'erent conlict in t'ere4 9ecause 5'ile t'e ail analo+y 5orks to acertain e=tent4 +o"ernents don’t transact ail in order to und +o"ernent But t'ey do dot'at 5it' currency So isn’t t'ere kind o a clas' t'at’s ine"ita9le 'ere;

/T: 8ell4 yea' @ou can ake it a clas' t'ink it’s really up to pu9lic policy4 and t'ere+ulators t'ey 5ant to ake it a clas'4 t'at’s ine don’t t'ink t'ey can 5in i t'ey 5antto ake it t'at But it’s also "ery possi9le t'at durin+ t'e rest o our lieties 5e’re +oin+ to9e operatin+ 5it' parallel systes4 and any people around t'e 5orld are used to t'is4 int'e 5orld o oney and 9ankin+ ?ollar users and t'e de"eloped 5orld aren’t usually usedto t'at sort o t'in+ 8'ere you’re *u++lin+ se"eral dierent currencies4 you are keepin+"arious e=c'an+e rates in your ind all t'e tie4 9ut people o t'e de"elopin+ 5orld 5it'e=c'an+e controls and i=ed relations'ips 9et5een t'eir kind o cruddy local currency andt'e dollar4 are used to t'is T'ey sort o +ro5 up 5it' t'is syste and t'is is 5'at t'ey li"e5it'4 so t'ere’s not'in+ 5ron+ 5it' parallel systes - copetin+ currencies4 as t'e

Qunintelli+i9leR called it

ABL: T'e t'ird 5orld to t'e OS ?ollar analo+y is an interestin+ one4 9ecause t'ink t'at it’s+ood 9ut it’s also 9rin+s up4 a+ain - it 9rin+s us 9ack to t'ese issues T'e reason t'atpeople in a t'ird 5orld country use t'e dollar as a parallel syste is 9ecause t'eir currencyt'at t'ey use on a local 9asis is not "ery "alua9le in certain conte=ts So isn’t t'at 5'ere 5eare no5 5it' 9itcoin; Beore you 'a"e t'e cryptocurrencies4 pretty uc' any currency t'at’sout t'ere is a currency created 9y iat4 created 9y +o"ernents and 9acked4 essentially4 9yt'ose +o"ernents t'at created t'e Bitcoin presents a ne5 type o copetition enterin+t'e arket As ar as can tell4 t'ere 'asn’t really 9een anyt'in+ like it t'at 'as t'is

decentrali1ed no real control structure or any particular or+ani1ation or +roup t *ust eelst'at t'e ot'er currencies 9ecoe sort o secondary in nature i you play out t'is lo+ic to itslo+ical conclusion

/T: 8ell4 t'ink t'at t'at’s ri+'t T'ere’s also a "ery interestin+ t'in+ t'at 'appened 5it'Satos'i’s in"ention 'ere %e kind o looked at t'e operation o t'e +old standard and 9uiltinto 9itcoin4 5'at people sort o put do5n as t'e delationary tendency like to look at it asa relentlessly risin+ in purc'asin+ po5er T'at’s possi9le *ust 9ecause o t'ese "ery strictliits on inin+ and t'en t'e ultiate inal liit on 5'at can 9e created @ou 'a"e 5it'in9itcoin an unusually sound currency t’s e"en radically sound t’s e"en sounder t'an a ,Kt'century +old standard t’s kind o se"ere and strict in soe 5ays T'e arket 5ill tell4 and

t'ink t'at ro y readin+ o onetary t'eory and onetary 'istory t'at t'e sound currency5ill e"entually pre"ail Fn t'e ot'er 'and4 5'at you call le+acy currencies 5ill continue to9e4 o9"iously 5ill 9e in deand or t'e conduct o pu9lic policy and t'at sort o t'in+4 and t'ink t'ose can e=ist side-9y-side y reerence to t'e de"elopin+ 5orld is "ery uc's'aped 9y an e=perience 'ad soe years a+o 5'en tra"eled to Jicara+ua4 and at t'etie4 t'e +o"ernent 'ad "ery strict e=c'an+e controls on t'e local currency as it relates tot'e dollar T'ey 'it you at t'e airport4 and t'ey 5ould 'it you at t'e oicial oneye=c'an+es @ou +ot on t'e street and t'ere 5ere kids t'at 5ere and years old up and



do5n t'e 9lock e=c'an+in+ currency 5it' tourists T'ey keep up 5it' t'e rates T'ey kne5a lot o at' T'ey kne5 a lot ore t'an t'e tourists t'esel"es and t'e rates 5ereconstantly c'an+in+ 9ecause it 5as a 'i+'ly inlated currency at t'e tie T'ey 5ere *ustasterul at it 'ad to lau+' at it 9ecause t'ou+'t 5ell 'ere you 'a"e t'ese poor peasantsin soe poor country actually doin+ ore cople= inancial transactions t'an ost

Aerican sc'ool kids could e"er do t’s a "ery coplicated syste 9ut t'ey ana+ed to - t'ink its t'e kind o t'in+ 5e are +oin+ to see in t'e uture ’ sure you 'a"e 9een t'rou+'t'is too 9ut4 i you +o t'rou+' an entire day or t5o 5'ere you’re usin+ 9itcoins or yourinancial transactions4 or retail purc'ases and t'in+s4 you do 9e+in to e=perience a kind oental s'it takin+ place4 e"en 5it' your o5n ind @ou 9e+in to price t'in+s in ters o9itcoins @ou can see t'is 9it o eer+ent psyc'olo+y o 5'at it’s like to use t'is ne5currency T'at 5as "ery e=citin+ or e t’s a ind-openin+ e=perience t'ink t'at in t'euture 5e’re all +oin+ to +et used to t'is ore and ore

ABL: Fn t'is s'o54 5e’"e 'ad t'e lu=ury o 9ein+ a9le to kind o operate in an entirely9itcoin ecosyste4 5'ere our listeners donate and our ad"ertisers pay in 9itcoin4 and 5e

are a9le to use t'ose 9itcoins to pay our contractors actually *ust kind 'anded o a9usiness card creation pro*ect or 0. 9itcoins to soeone 5'o4 'a"e no idea 5'ere t'eyare4 it doesn’t really atter 5'ere t'ey are4 it *ust atters t'eir <uality o 5ork t’s a reallyreally interestin+ process and it lets us 5ork 5it' ne5 people "ery <uickly instead o 'a"in+to +o t'rou+' soe sort o payent processin+ syste

/T: @ea' t'at is so t'rillin+4 t'at’s so e=citin+ elt it - 'a"e to tell you t'at elt it t'e "eryirst tie 8ell4 soe9ody donated a 9itcoin to e at soe point4 not a ull - ean it 5assoe sall raction4 so 9e+an to sell o soe o t'e +oods t'at 9rou+'t 5it' e to aparticular conerence or 9itcoins 9ecause people 5ere 9uyin+ t'e But 'ad enou+'4

actually4 to use one online y irst purc'ase 5as so e=citin+ - easier t'an Aa1on ,-Click -you *ust eel like you are transported to t'is uture 5orld Actually4 you alost eel like anidiot t'at you 9ou+'t into t'e old syste Actually4 t'e irst tie you use 9itcoin4 you see t'att'e le+acy currency syste4 or 5'at call t'e +o"ernent currency syste4 is *ust so oldas'ioned 9y coparison elt a sense o li+'t: 5'at it ust 'a"e 9een like to 9e in t'eitty %a5k or t'e irst tie t’s *ust suc' an incredi9le kick4 and you can’t really +o 9ack t'ink t'is is 5'y people +et so dedicated to 9itcoin ater usin+ it *ust a little 9it @ou 9e+in toreali1e t'e possi9ilities and it *ust c'an+es your 5'ole outlook on lie t'ink 5e need toreali1e4 too4 t'at t'e eer+ence o t'is as a currency4 and e"en as a payent syste4presents a lot o c'allen+es to sort o t'e intellectual elite 5'o 'adn’t really entirely - you’llnotice t'ere’s sort o a deart' o acadeic papers on t'e su9*ect4 ri+'t; T'ey are *ust no5eer+in+ and people are tryin+ to catc' up4 tryin+ to i+ure out 5'at t'e 'eck is +oin+ on

8e are li"in+ in a real tie e=perient 'ere in 5'ic' t'e real 9uyin+ and sellin+ oindi"iduals4 t'e real inno"ations playin+ t'esel"es out4 t'e di+ital a+e arket-econoy4are ser"in+ as a kind o institutionali1ed p'ilosop'er-kin+ teac'in+ +o"ernents andintellectuals soet'in+ a9out t'e 5orld t'at t'ey didn’t kno5 9eore t’s +oin+ to cause o are"ision o a lot o onetary t'inkin+ and a lot o t'inkin+ a9out t'e 5orld T'is is not apolitical t'in+4 really T'e let is c'allen+ed 9y t'is4 t'e ri+'t is c'allen+ed 9y t'is All t'e oldassuptions are 9ein+ 9lo5n up 9y real-tie arket e=perience 5as t'inkin+ a9out t'islast ni+'t - 5it' Satos'i’s in"ention T'e usual pat' is t'at you propose an idea4 t'ro5 it out



to t'e acadeic *ournals4 it +ets peer re"ie5ed4 all t'e old tenured proessors knock t'eidea around4 kill t'e youn+ +uy or 5'ate"er4 and t'en t5enty years later4 ay9e you start tosee it eer+e4 9ut t'at’s not 5'at 'appened in t'is case Satos'i proposed t'e idea andt'en t're5 it out t'ere4 discussed it or a 5'ile and t'en disappeared a+ain T'e t'in+ isplayin+ itsel out in real tie arket conditions T'e peer re"ie5 process is t'e arket itsel

And t'e intellectuals are *ust scra9lin+ to keep up t’s a "ery intri+uin+ process to 5atc' kno5 t'at in y o5n t'inkin+ 'as 9e+un to s'it t'at ateul day4 5'en ac<uired 9itcoin andt'en 9e+an to use it4 it s'ocked e and no5 ’ reali1in+ ’"e carried around a lot o errorsin y 'ead or any years4 you kno5; t'ink a lot o people are +oin+ to start seein+ t'is

ABL: Fn t'e su9*ect o ne5 econoics in t'e Austrian Sc'ool - as it’s +ro5n in popularityo"er t'e last couple o years4 kind o alon+side and on top o 9itcoin4 actually - t'ere’s 9eena lot o skepticis coin+ ro t'at counity kno5 you’re a relati"ely ne5 con"ert to t'ecryptocurrency t'ou+'t 8'y do you t'ink t'at is and 5'at’s t'e *ourney;

/T: @ou kno54 its interestin+ t'at you 5ould ask e t'at <uestion 9ecause it 'as 9een <uitea *ourney4 a little 9it o a pri"ate *ourney actually Because 'a"e 9een steeped in onetaryt'ou+'t or a "ery lon+ tie - 5rote y under+raduate t'esis on t'e +old standard4 'adlon+ 9een a +old standard ad"ocate4 ou+'t all t'e onetary 5ars 9et5een t'e Austriansand t'e eynesians and t'e onetarists and so on @ou’re e9edded in t'is 5orld lon+enou+' you t'ink you kind o kno5 e"eryt'in+ t'ere is to kno5 +uess ’"e 'eard soe

*a99erin+ a9out 9itcoin4 a year or so a+o4 ay9e a couple o years a+o4 9ut didn’t payuc' attention to it 9ecause it seeed to e t'at it o9"iously contradicted e"eryt'in+ t'ou+'t kne5 9elie"ed t'at kne5 t'at a oney 'ad to eer+e out o a real coodityused in t'e real 5orld 2irst as a 9arter and t'en as a kind o speculati"e "enture4 as indirecte=c'an+e4 and t'e 5'ole process t'at people norally assue 5it' t'e (e+ression

T'eore So 9itcoin coes out o no5'ere and y irst t'ou+'t 5as D5ell4 t'is is o9"iouslyuntrue4 it can’t 9e t'e case But as 9e+an to look at it4 t'ink 5'at’s 'appenin+ 'ere is t'at5e sort o ail to understand t'at 5e are li"in+ in a tie 5'ere code - really 5ell 5ritten code- is e=treely "alua9le t’s o9"iously a coodity4 its 9een t'e dri"in+ orce o t'e 5orld’seconoy or t'e last H0 years So it’s not necessarily a contradiction to t'e Austrian "ersionto see crypto+rap'y used to create a currency t'at 'as all t'e properties o t'e deinition oa currency in e"ery sin+le respect t'at eer+es essentially out o a coodiied code @ou5ould e=pect t'at4 t'ink4 in a di+ital a+e t'ink 5e need to reali1e t'at t'e 5orld c'an+eddraatically o"er t'e last .0 years - essentially i+rated ro t'e p'ysical to t'e di+ital5orld - so it akes sense t'at oney 5ould take t'at sae tra*ectory But e"en t'en4 still5asn’t con"inced 9ecause t'e real 9eauty o t'e di+ital sp'ere is it’s capacity or ininitereproduci9ility o e"eryt'in+ ean4 t'at’s 9een t'e source o its econoic a+ic in so

any 5ays 8ell4 in t'e oney 5orld4 you don’t 5ant ininite reproduci9ility @ou 5ant strictscarcity and you 5ant strict title o5ners'ip @ou don’t 5ant coons and you don’t 5ant allt'ose sort o ininite eatures o di+ital edia pertainin+ to oney t'ink it 5as ro readin+a 8ired a+a1ine article or soet'in+4 9e+an to reali1e t'at Satos'i understood t'e saet'in+4 and 9uilt into t'e structure o t'e protocol is strict assi+nent o title and o5ner4 sorto tricked di+ital edia into replicatin+ perectly and e"en ipro"in+ on t'e 9est onetarysyste you could e"er 'ope to de"elop in t'e p'ysical 5ord 5as so da11led 9y t'e9rilliance o t'e inno"ation t'at it *ust knocked e o y c'air4 *ust couldn’t 9elie"e 5'at



5as seein+ T'at’s 5'en it clicked or e4 suddenly4 and t'en sort o reali1ed its "ia9ilityand its copati9ility ro 5'at kne5 9eore4 alt'ou+' 'ad to adapt y o5n t'inkin+ al5ays ur+e people t'at are skeptical o 9itcoin *ust to look a little ore in dept' at it - not

*ust read t'e 5'ate"er press story t'at 'appens to 9e in t'e 8all Street /ournal - 9ut to lookat t'e ore detailed 5ork on it: e=aine t'e code4 5'ere it cae ro4 t'e t'inkin+ t'at 5as9e'ind it4 t'e operation o t'e syste T'e ore you look at it t'e ore you reali1e4 DNF'4y +oodness Fkay4 ’ 9e+innin+ to understand 'o5 t'is 5orks and 5'y t'is 5orks

ABL: 'a"e it in y 'ead t'at i a nation 5ere to issue t'eir currency 9acked 9y 9itcoinreser"es: a nation like Cyprus or )reece or soe place 5'ere t'ey are 'a"in+ a lot otrou9le 5it' not only sta9ility 9ut also 5it' corruption in t'e +o"ernent and +rat ,speciically t'ey 5ere a9le to lea"e t'e Euro4 issue a currency 9acked 9y 9itcoin reser"eskept in one or any transparent 5allets4 it could kind o operate like a odern +old standardyet not 9e su9*ect to t'e +aes t'at can 9e played 5'en t'e reser"es are locked in a "ault'idden ro si+'t A issin+ soet'in+ 'ere;

/T: T'at’s "ery interestin+ @ou’re sort o touc'in+ into soe o y o5n intellectual tra*ectory'ere4 in t'inkin+ a9out t'e relations'ip 9et5een 9itcoin and t'e +old standard Fne o itsad"anta+es is precisely t'at it doesn’t 'a"e to 9e locked a5ay: t'at it can 9e 'eld 9y usersT'e corruption o t'e current onetary syste really 9e+ins 'al a illenniu a+o 5'en9ankers irst persuaded users to let t'e keep t'eir +old or saekeepin+ and t'en 9e+an tode"elop loan arkets 9ased on kind o ractional syste 8it'in 9itcoin4 t'at’s essentiallyipossi9le ean you can 'a"e loan arkets 9ut t'ere’s a "ery strict o5ners'ip toe"eryt'in+ Plus t'ere is no need or t'e 5are'ousin+ unction traditionally understood9ecause o9"iously 9itcoins are not 'ea"y and you can carry t'e around and t'e indi"idualcan keep t'e in cold stora+e @ou don’t 'a"e t'at potential or corruption t'ere n so any

5ays4 it’s an ipro"eent ’ intri+ued 9y t'e possi9ility t'at 9itcoin i+'t 'a"e a stran+eeect t'at none o us understand and t'ink 5e 'a"e to prepare oursel"es or surprises@ou and could talk or 3 'ours a9out t'is su9*ect and 9rainstor and still iss t'e t'in+t'at 5ill ultiately 'appen 'ere4 9ut do t'ink it’s interestin+ to ia+ine t'e possi9ility t'at9itcoin 5ill end up ipro"in+ +o"ernent systes o oney4 *ust in t'e sae 5ay t'at allcopetition ipro"es e"ery +ood and e"ery ser"ice Central 9anks i+'t 9e discoura+edro e+re+ious 'aircuts t'at t'ey attepted in Cyprus in t'e uture 8e could see+o"ernents irin+ up t'e <uality o t'e oney to pre"ent a run out ro t'e currency intodi+ital currency 8e could see draatic c'an+es in onetary policy4 in 5'ic' 9itcoin9ecoes a kind o a teac'er to +o"ernents and iscal 9anks a9out 'o5 to run a soundonetary syste T'at could 'appen4 9ut t'ink t'e 5orld’s population 5ould 9e 9etterser"ed 9y sound oney t'an t'e current syste4 so 'o5e"er 5e +et t'ere4 ’ all or it

ABL: /erey noticed t'at Laisse1 2aire Books4 L2Bor+4 does not accept 9itcoin ore9ers'ip Are t'ere any plans to ake a o"e in t'at direction;



/T: @ea'4 t'ey’re 9i+ plans and e"ery9ody is 5orkin+ like cra1y to ake it 'appen L2B is asu9sidiary o A+ora 2inancial 5'ic' is in turn a su9sidiary o A+ora nc4 5'ic' is a 9i+ +lo9alcorporation 5it' a9out 64000 eployees internationally and a uniied accountin+ syste

ABL: Jot as siple as *ust t'ro5in+ up a 9utton on t'e 5e9site

/T: @ea'4 you kno54 it’s unny 'o5 it is4 it’s actually not a surprise to you at all4 it 5ouldn’t 9ea surprise to any9ody 5'o 5orks in 5e9 coerce4 9ut it’s a lot easier or sall institutionsto inno"ate in t'ese ed+y areas t'an it is or lar+e old institutions 5ill tell you t'ate"ery9ody at y oice - includin+ t'e accountant tea and t'e le+al tea - t'at e"ery9odyis super ired up a9out t'is and 5orkin+ really 'ard to t'ink t'rou+' all t'e iplications andipleent t'e solutions T'at akes e 'appy As lon+ as 5e are akin+ pro+ress4 t'ent'at’s +ood4 9ut any9ody else - t'anks to so any o t'e inno"ations4 really o"er t'e last 6ont's - it’s so easy or sall copanies and 9lo+s and any9ody to accept 9itcoin ande"ery9ody s'ould *ust iediately do t'at don’t kno5 5'y any9ody 5ould 9e 5aitin+ atall

ABL: %o5 lon+ 'a"e you actually 9een interested in 9itcoin4 9ecause you said you 5erea5are o it 9eore4 9ut 5'en did t'at s'it 'appen;

/T: T'at’s a ascinatin+ t'in+ 9ecause 5'en 5as an editor o isesor+4 used to +et t'ese9itcoin su9issions and used to t'ink4 DF'4 y +oodness ’"e al5ays lo"ed code +eeksand t'e code 5orld and 5rote a ton o articles a9out it and really adored t'is sector o lieT'e t'in+ a9out 9ein+ an editor o a pu9lication: t'e pu9lication can only 9e as sart and+ood as its editors4 really4 9ecause editors don’t 5ant to run anyt'in+ t'ey don’t ully

understand So all t'rou+'out .0,,4 really - +uess o"ed to Laisse1 2aire in Jo" .0,, -9ut all t'rou+'out t'at year 5as +ettin+ lots o su9issions o articles on t'e topic *ustcouldn’t 5rap y 9rain around t'e didn’t kno5 'o5 to e"aluate t'eir *ud+ent on t'eatter t 9ecae "ery rustratin+ or e as an editor 9ecause *ust couldn’t really - 5aslearnin+ as 5as re"ie5in+ t'e articles4 you see 5'at ean; t’s "ery diicult to aket'ose kind o *ud+ents isesor+ itsel ne"er said a 5ord a9out t'e su9*ect durin+ t'atentire year o"ed to Laisse1 2aire QandR t'at 5as on y list o t'in+s to inally disco"er2inally4 it 'appened to e 5'en 5ent up to Je5 %aps'ire or a conerence t'at se"eralerc'ants4 9itcoin-associated erc'ants4 surrounded e and dra++ed e to lunc' andade e an o5ner ri+'t t'ere on t'e spot4 and t'at’s 5'at c'an+ed e"eryt'in+ t’s onet'in+ to sort o t'ink a9out a su9*ect a9stractly4 9ut once you possess it4 and Ada4 t'inkyou kno5 5'at ean 'ere T'ere’s soet'in+ unny a9out 9itcoin in particular4 t'at it does

'a"e t'e psyc'olo+y o a p'ysical t'in+ @ou do 'a"e t'e e=perience o 'a"in+ ac<uiredsoet'in+ real 5'en you +et it ean4 it’s true t'at it’s all di+ital and all t'e rest o it4 9utyou do +et s5ept up in t'is sense o o5ners'ip 5'en you irst +et your irst 9itcoin So t'at5as t'e 9e+innin+ o t'e process and t'at 5as only4 t'ink no54 ay9e t5o ont's a+o@ea'4 so t're5 ysel into it 9i+ tie4 9ecause 5'en 5as t'e adinistrator and editor oisesor+4 all y proessional e=perience is t'at you need to ollo5 t'e inno"ators4 youneed to see 5'at t'ey are doin+4 9ecause t'at is t'e uture And t'e people t'at put do5nt'e inno"ations4 t'at’s sort o sociolo+ical cultural ipulse to dispara+e t'e ed+y ne5 t'in+



is alost al5ays 5ron+ E"entually4 yesterday’s cra1y radical idea 9ecoes todayscon"entions t'at e"ery9ody *ust assues are noral ’"e li"ed t'rou+' t'e cycle a+ain anda+ain ean sa5 it 5it' eail T'e irst tie soeone tried to persuade e to +et eail4 5as like4 D8'y do e"en need t'at; ’"e +ot ode and a p'one attac'ed to y 5all 'ere could *ust 'ook up to soeone directly couldnt see t'e need or it 8ell4 5as 5ron+and t'en t'e sae t'in+ on t'e 8orld 8ide 8e9 8'en irst looked at it t'ou+'t4 D8ellt'is is *ust a 5'ole series o 9ill9oards Jo dierent t'an dri"in+ do5n t'e 'i+'5ay 8'at’st'e ad"anta+e o dri"in+ do5n t'is 'i+'5ay; T'at 5as y irst t'ou+'t 8ell4 5as 5ron+ 9e+an to learn o"er tie t'at t'ere’s kind o an unoldin+ process 5it' ne5 tec'nolo+y 2irst4it’s ed+y4 it’s 9u++y4 it doesn’t see particularly useul t doesn’t see like you really needit4 so you 'a"e t'ese early adopters t'at +o into it and try to ipro"e it and ake it oreaccessi9le and ake it ore useul By t'e tie it 9ecoes ainstrea4 e"ery9ody *ustaccepts it as a noral t'in+ and t'ey or+et t'at it 5as contro"ersial ree9er 5'en

Aa1on irst 9e+an4 people 5ere puttin+ it do5n DT'is is ridiculous T'is is a stupid ideaT'is is not a 9usiness odel T'is 5ill ne"er +o any5'ere ?a"id Broder or t'e8as'in+ton Post 5rote a colun4 ree9er4 t'at *ust put do5n Aa1on t'at said4 DT'is isnot a stock t'at 5ould 'a"e anyt'in+ to do 5it' T'is is a disaster T'is copany t'inks it

can 9uy and sell products usin+ t'e nternet; 8ell4 5'at akes t'e t'ink t'ey can do t'is9etter t'an any9ody else; Any9ody can do t'is4 so it 'as no particular ad"anta+e %e’sputtin+ it do5n And t'en t'e 9ust o ,KKK seeed to conir all t'e skeptics and t'eirattitudes and t'eir sort o t'e luddite attitudes But o course4 o"er t'e ollo5in+ ten years4retail 5e9 coerce s'aped t'e 5orld 8e are seein+ t'e 5'ole 5orld *ust copletelyre"olutioni1e undaentally assi"e +lo9al up'ea"als as a result o tec'nolo+y and all t'eskeptics 'a"e 9een pro"en 5ron+ t'ink t'at t'e sae t'in+ is 'appenin+ 5it' Bitcoin ’"eseen t'is process play itsel out too any ties to not take t'is su9*ect e=treely seriously t'ink it’s +oin+ to surprise us and aa1e us4 'o5 t'e 5orld is +oin+ to c'an+e in t'e uture4t'anks to t'is undaental radical inno"ation t'at +oes to t'e 'eart o econoic lie opeople and nations

ABL: Fne o t'e reasons t'at people are +ettin+ into it is 9ecause t'e price 'as +one up<uite a 9it Jo54 you said t'at you +ot in"ol"ed a9out t5o ont's a+o To soe people t'eprice is iportant4 soe people not so uc' 8'ere do you stand on t'e issue;

/T: @ea' 8ell4 it’s unny Je59ies are al5ays ocused on t'e price4 ri+'t; Fnce you +et alittle ore sop'isticated4 you reali1e 5'at atters is unctionality ore t'an anyt'in+ elset’s not a coodity t'at you *ust 5ant to treat as a speculati"e in"estent t’s purpose is toeer+e as a real eans o payent t’s an eer+ent oney4 not *ust a speculati"e "entureBut yes4 li"ed t'rou+' t'e soarin+ up to .66 and t'en 9ack do5n a+ain ri+'t at t'e sort o

da5n o y ent'usias or t'is sort o t'in+ So or e to 5atc' 5as e=treely intri+uin+and it caused e to +o 9ack in 'istory and see 'o5 t'ose played t'esel"es out in realtie looked at t'e railroad industry as a +ood e=aple o t'is (ailroads 5ere su9*ect to5ild speculati"e ren1ies at t'e tie 9ecause t'ey 5ere entered into real arket conditions

And people 'ad4 at t'e tie - ’ talkin+ in t'e ,0s - 'ad a 'ard tie distin+uis'in+9et5een railroads as a tec'nolo+y and seein+ 5'at t'at tec'nolo+y 5ould do or ci"ili1ationT'e sort o unrelentin+ up'ea"als t'at 5ould coe a9out ro t'e stock prices o particularrailroad copanies t’s 'ard to separate t'ose t5o t'in+s T'ere’s al5ays a cro5d o people



out t'ere +oin+4 D8ell4 t'e railroad stock 9ou+'t at H0 is no5 H4 so clearly t'ere is nouture to railroads t'ink t'ere is an ipulse to do t'at 5it' 9itcoin Fr t'e re"erse4 DT'erailroad stock +ot 9ou+'t at H4 is no5 H04 so clearly4 t'ere’s a uture to railroads T'etrut' is 5e 'a"e to separate t'ese t'in+s in our inds 8e 'a"e to separate out t'especulati"e aspect o cryptocurrencies ro t'e tec'nolo+ical useulness ts not al5ayseasy to do4 9ut in t'e real 5orld4 all +reat tec'nolo+ies coe o a+e4 de"elop4 and ature5it'in real 5orld arket conditions T'e 5ise people 5ill understand t'e dierence andsupericial people 5ill *ust ollo5 prices up and do5n ’ doin+ y 9est to detac' ysel alittle 9it ro its e=c'an+e rate4 9ecause reali1e t'at’s soet'in+ o a distraction ro t'elar+er issue4 and yet at t'e sae tie4 ’ as 9ad as any9ody 5ake up at .a or noapparent reason and y sartp'one is 9y y ni+'tstand4 pick it up and yes4 don’t c'ecky eail4 c'eck t'e e=c'an+e rate QLau+'terR t’s 9ad t’s a disease4 tell ya

ABL: t took e a9out 6 ont's Ater a9out 6 ont's4 5as a9le to - ne"er c'eck t'eprice anyore4 it’s really +reat4 and it’s 9een really reein+ to e 9ecause it eans t'at can - t'ink t'at t'e railroad analo+y is a really +ood one t'ere4 9ecause you’re totally ri+'t

(ailroads c'an+ed t'e 5orld not 9ecause o t'eir stock price 9ut 9ecause o 5'at t'eyoered and 5'at t'ey could do 2or e4 t'at’s t'e ost e=citin+ part a9out 9itcoin - is t'at itena9les all o t'ese t'in+s t'at you *ust can’t do in ot'er circustances

/T: @ea'4 t'at’s true4 and it’s true 5it' e"ery tec'nolo+y is t'is 5ay arkets tend to -9ecause +reat tec'nolo+ies enter t'e real 5orld arket conditions4 t'ey are su9*ect to t'isunrelentin+ "aluation 9ased on t'e potential or speculati"e proits Fne t'in+ a tryin+ to+et 9etter a9out is - ’ not spendin+ a 5'ole lot o tie en+a+in+ in de9ates a9out peopleon t'e nternet NSoeone’s 5ron+ on t'e nternet4 ’ll +o to dinner later4 ri+'t;’ But people5'o *ust ocus solely on t'e e=c'an+e rate and its potential or proits t'ink early in"estors

o 9itcoin are +oin+ to do "ery 5ell in t'e uture 8'at 'appens 9et5een no5 and t'at uture5e *ust don’t really kno5 8e are kind o in a unny situation ’ sure you looked at t'edata4 too4 5e’"e seen assi"e increases in *ust pu9lic interest in 9itcoin e"er since t'e priceran up n a 5ay t'at price run up did a lot o +ood in ters o -

ABL: t’s a 9eacon4 yea'

/T: @ea' But at t'e sae tie it’s kind o 'arul 9ecause it distracts people ro t'e coreissue Bitcoin is unny 9ecause t'ink all o us 'a"e 5is'es o 5'at 5e t'ink 5e 5ant to'appen 5it' it A9out a ont' a+o4 'ad t'is kind o 5is' in y ind t'at it 5ould sta9ili1e

around ,00 and stay t'ere or t'e ne=t <uarter T'e 9est t'in+ a9out 9itcoin is t'at none ous controls it t really is a erc'ant order t'at is an or+anic product o t'e social order itsel8it' all t'e +reat co9inations o t'e di"ision o la9or4 erc'ants4 intellectuals4 code-slin+ers4 e"ery9ody cooperatin+ to+et'er in t'is "ast +lo9al syste t'at’s so pro+ressi"e4and so inno"ati"e4 and e=citin+ t’s a 9eautiul t'in+ t'at none o us +et our - none o our5is'es coe true4 in a 5ay could 5is' or a certain e=c'an+e rate4 could 5is' or it tostay t'at 5ay or a certain aount o tie4 9ut ’ totally prepared to see 9itcoin take itso5n pat' see ysel less as a pro+nosticator or prop'et o t'e t'in+ en*oy t'inkin+ o



ysel as a student ore t'an anyt'in+ else T'ere’s a lot t'at all o us can learn *ust ro5atc'in+4 and in"esti+atin+4 and e=ainin+ closely t'e eer+ence o t'is tec'nolo+y 8e'a"e to ree9er *ust 'o5 ortunate 5e are as a +eneration to 9e 5atc'in+ all o t'is takeplace in real tie T'is 'asn’t 'appened to any ot'er people in t'e 'istory o 'uanity - to5atc' soet'in+ like t'is 'appen T'is is a +reat4 i you 9elie"e in t'is sort o t'in+ it’s a9lessin+ really t’s a teac'a9le oent 8e’re +oin+ to learn a lot a9out t'e 5ay t'e 5orld5orks and can 5ork in t'e uture *ust 9y 5atc'in+ t'e eer+ence o 9itcoin4 and seein+ t'ede"elopin+ sop'istication o t'e erc'ants4 and its price and its tra*ectories4 and t'eresponse ro t'e re+ulators Bitcoin is a kind o sociolo+ical icrocos o 'o5 realityunolds 9eore our eyes 8e’re seein+ it all 'appenin+ so ast and 'appenin+ so anya+ical and 9eautiul 5ays t’s *ust a +reat tie to 9e ali"e consider it a 9eautiul presentin y o5n lie to 9e a9le to 'a"e t'is presented to e at y eet4 and can un5rap it4 and5atc' it4 and play 5it' it t’s a 9eautiul t'in+

ABL: /erey Tucker Laisse1 2aire Books L2BFr+ T'ank you or your tie

/T: T'ank you4 Ada

MMMM usic MMMM

Documents

Let's Talk Bitcoin, episode 06, "Cyprus and Serendipity"